tv Countdown to the Closing Bell With Liz Claman FOX Business August 14, 2014 3:00pm-4:01pm EDT
liz: what's it called, we're out of time. tell us what it's called. >> it's called stox, s-t-o-x. liz: that's all the time we have. i hope you're making money no matter what your age is. "countdown to the closing bell" with liz claman starts right now. liz: investors try to second-guess the fed after jobless claims rise to a six week high and eurozone growth stalls. janet yellen will delay interest rate hikes next year? the answers that will protect and grow your portfolio. walmart's shelves of worry. the largest retailer slashing profit forecast for the year amid health care costs and online race to catch amazon. is the real elephant the slow spending american consumer, should you buy, sell or hold? two analysts battle it out.
a mid cap marvel crushes the name. uti energy is one of the biggest year to date gains on the mid cap index and up more than 30%. riding the fracking boom, ceo andy hendricks is here in a fox business exclusive. "countdown to the closing bell" starts right now. . liz: good afternoon, everybody. i'm liz claman. from day to day, you can call the behavior of the markets warm one day, cool another. ebb, flow, wax, wane, today we're waxing, with one hour to go, brushing aside a shocker of economic report that came out of europe earlier this morning. one that showed zero growth for france. nothing. totally flat. here in the united states, the major averages moving higher, close to the highs of the session for the dow the high is
a gain of 57. we're up 49. the nasdaq better by 14 points. the s&p scratching out a gain of nearly 7 points. russell nearly flat but the dow transports have 39 points added to that index. all of these indexes have gained ground in three of the past four sessions. what's going on in the psychology of the investors' mind? investors blowing past news that more americans than expected signed up for first-time jobless benefits last week. we got that number out this morning. the economic storm clouds on the other side of the atlantic. zero growth in the eurozone, france broke it out. looked bad. as bad as growth looked, germany's gdp contracted. 2/10%. not good when that's been the economic engine. but check this! european markets did not get hit on the news. the ftse up half percent.
the dax of germany seeing a gain of 26 points. oil prices, perhaps the concern, the economy slowed down. brent is down by 2%, look at light sweet crude. not so much the percentage loss which is 2%, now the price is below $96 a barrel. standing at $95.56. let's check on gold to see if there is flight to quality. not at all, at $1,314 a troy ounce, we have gold pretty much flat for the session. exactly flat, in fact. investors closely watching the progress of the convoy of russian trucks heading for ukraine's border. vladimir putin doesn't want war or a confrontation. closer to home cisco systems one of the biggest losers on the s&p 500 after earnings report late yesterday, you know that's kind of strange, shares dropped by under 3%. not a huge cut.
the problem becomes not the fact that the networking giant announced cutting 6,000 jobs, it's just that that's the fourth round of job cuts in four years. they cut about 12,000 jobs. we will get the inside scoop from none other than cisco's chairman and ceo john chambers, a widely held stock, you need to hear what he has to say. they put the routeers and the switches on the internet. the global routing system for the entire internet around the world is stretched and saturated? we'll ask john about that. very few have asked him about what his fix is for that. we will ask him in the 4:00 p.m. eastern hour. back to all of the risk around the globe, done little to throw investors off course, even as crises in russia and ukraine, gaza and israel and, of course, iraq have dominated the headlines. investor worries in the u.s. are dissipating. if you look at the one-week chart which we put up of the
vix, wall street's fear index, headed for fifth straight down day, below 13. very low number here. right to the floor show, find out what the traders are thinking about at nymex, the cme group. the hot spots don't have a long-term problematic effect on the markets. once again, we're waiting to hear on the fed, what it will do? >> right, this market is actually very strange right now. i was talking to nicole petallides earlier. coming into the week, it was about geopolitical headlines. that was going to dictate our markets. light economic calendar, light earnings calendar, but seems like it's quite the opposite now. everyone is focusing on domestic stuff here and making the market move in the directions we're seeing. on the short-term basis, memory is short-term, looking at the economic data and earnings affecting our markets. in the bigger picture, the geopolitical issues haven't
gone away, still need to focus on that. next week it comes down to the fed. we're towards the end of the summer, lot of people on vacation, low volume, high vol, everyone is going to find something to focus on. the fomc comments coming out next week we have to focus on. liz: we absolutely will. elliott, why is oil dropping so much? is this the walmart effect, where walmart outright warned for the rest of the year it's not going to see the kind of growth that investors had hoped they see, and people don't have the money to travel and spend on gasoline and that translates to other companies that are energy intense sniff. >> liz, i was on yesterday thinking crude was a couple bucks higher. liz: in fact, elliott. i can quote you, it surprised me, you said something like $90 a barrel. yesterday you said if we go through that. i thought we're many dollars away from. that not so much today. >> i'm still bearish overall on crude. it's interesting, when people
-- when oil goes lower, people have to buy what they have to buy with gas and oil, so the price doesn't always effect it. when we talk about summer vacation driving, that's where people may or may not save money and not take the trips. on a day-to-day basis, they have to go to soccer practice, you have to heat your house in the winter. you're going to buy it no matter what it costs. are people going to save a couple of bucks on heating costs and spend it on toys? hard to picture. we're talking about a $100 commodity moving $2. it's expensive, i think, barring any huge international disaster, i still think lower for crude. liz: have people been watching and traded on what elliott said yesterday, they'd be making money today. charlie, i'm going to ask you this question, who will look smart six months from now, the treasury bulls or equity bulls? >> i think the equity bulls. i don't think the treasury
market has anywhere to sgoishgs think really the whole game in the equities is the best game in town. last week, we came through the 100-day moving average and you had a big outside day reversal and trade higher and we're back up in resistance levels at the 50-day. people are waiting to buy a break, they got the major break that they were waiting for last week, and you know, you're seeing people come into the market. you are seeing inflows, not outflows. in terms of the crude, that's interesting we're talking about that, but i think you hit it on the head, liz, auerbach was down a whole heck of a lot more than crude. it's the end of driving season as well. so to me, you come off of a major break here in the arbob, there is an area to start pricing back in. liz: it is down 3%.
you want to look smart, people buying in treasuries today or people adding to equity positions? >> it's clearly equities and putting fundamentals and technicals aside. look at major headlines over the last year. the negative headlines that we've gotten. absolutely nothing has derailed this market. i'm talking a real correction. a pullback of 2, 3% isn't a real correction. we haven't seen that movement in the market. the market will continue to trend higher. liz: look at the names making new highs. home depot, u.s. steel, china mobile, walt disney, a panoply of different areas. we're going to show you it doesn't have to be in one particular sector, as long as the fed is in here, all three guys on the screen are going to agree. as long as the fed is putting the pillow underneath, the equities increase. appreciate it. now to update on a story we brought you weeks ago.
remember we told you general electric was shopping appliance unit, american institution for more than a century. now it appears there is more than just one buyer, swedish appliance maker electrolux has held talks but no agreement reached and dow jones industrials news reporters say south korea's lg electronics and samsung electronics may be sniffing around ge. the reported price could reach $2.5 billion. let's look at ge shares as they perhaps decide to shed an asset, it is moving higher just by a fraction, no deal yet, so the stock is not jumping for the moment. for the year so far, ge shares are down more than 7%. closing bell, you'll hear it bring in 50 minutes. walmart raising red flags about the american consumer, warning that store traffic is down.
it was not great. a decline in store traffic of 1.1%. what does this mean for walmart's stock, which is already more than 5% lower this year? we've got a big box retailer debate. somebody who loves it. somebody's not so much on it. actually, it's a hold, and a buy. we'll be talking to both of guys and let them make their case to you. and our special series "mid cap marvels." this chart, patterson uti energy, looked at jump as you put your money in there, you would be up 65% over the last year. ceo andy hendricks says why you should get to know this drilling company now. it's a fox business exclusive. you need to watch us. (vo) rush hour around here
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. liz: there's been so much talk about asset bubble in stocks. but could car loans, auto financing be the next big bubble to explode. exactly what the federal reserve is looking at in quarterly report on household debt and credit. according to the fed, consumers took out $101 billion in new auto loans during the second
quarter. here's why that is worrisome, the highest level in nearly eight years, it brings the total outstanding balance to 905 billion dollars. so should investors worry that cheap credit on new cars could bring the economy to a screeching halt or parts of it? rich edson is on the story. student loans at 1.3 trillion, auto loans aren't far behind. >> right, liz, new york economists are watching the trend because of the growth of auto loans among subprime borrowers after falling significantly during the financial crisis, auto loans were precrisis levels and borrowers with credit scores with less than 620 account for a quarter of originated auto loans. those with best scores took on auto loans at $28 billion. those at the bottom with scores of 620 or less account for 20 billion. auto finance companies as opposed to banks account for the bulk of the increase in
subprime auto loans, since auto loans bottomed, auto financed lending to each of the three lowest credit groups more than doubled. new york fed economists will continue to monitor subprime auto loans it is unlikely to prompt a financial crisis, they point out auto loans are a much smaller segment of the economy. the mortgages and waive of defaults on car payments have much less of an impact than home owners defaulting on mortgages, liz? liz: we need to keep an eye on that. gerri willis has done an amazing job keeping an eye on student loan debt. your job is car loan debt. closing bell 37 minutes away. the eurozone economy hitting a wall and stalling. how worried should u.s. investors be about the risk of a new recession? is it a triple-dip for europe.
we're asking a money manager whose portfolio includes several companies that do business with europe. he has outperformed by a long shot. michael is a smart guy. you need to listen to what he's saying, he is picking stocks for the future for you. his large cap growth funds well ahead of the pack over the last year. and as iphone fans count down to iphone 6. why one wireless company is trying to capitalize on a frenzy before it makes the launch.
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. liz: five years and counting and seems like very little can derail this rally. stocks continuing to crime higher despite potentially damaging catalysts. despite geopolitical risks and stalling eurozone economy. many investors have begun to wonder whether stocks have now after five years been overextended, a little stretched, leaving fewer
opportunities easily visible for the pickings. next guest with nearly $2 billion in asset management scrubs a little harder to find it. joining me now michael sansoterra, managing director. i'm going to give the ticker symbol right now. stcax, up 21% outperforming and up 18% over three years. now you're looking at the russell 1,000 as benchmark and you call yours large cap growth. aren't they small caps and medium caps? >> we measure against the russell 2000 index, we think the growth index is the most pure index. liz: the stuff out of the way. how have you done it? what are you picking? and what way that makes you outperform? >> in ridgeworth our goal is to
find companies that can exceed investor expectations. guys that are taking market share, doing it with pricing power, disrupting the markets, those are the companies that outperform. sometimes you have to pay up, sometimes at a discount, ultimately companies that change the way business is done and can do it sustainably are the ones that win. liz: disrupting their markets to me is that special something that some of the names have. >> right. liz: let's quickly talk about the appearance that europe appears to be on the economic brink of falling back into a triple-dip recession, we have all of the problems overseas, does that worry you at small. >> we are macroaware, the companies we own typically do a good job as long as nothing completely melts down. there is nothing to suggest that europe is completely melting down. you have risk around russia and the sanctions and slower gdp today, it's not all hands on deck here. liz: here for you, you guys to
see how gutsy he's been. he goes to work saying, watch out for biotechs, you have gilead sciences, schlumberger, another that is too stretched for valuations, apple is one of your widely helds. stock picks that you like today. >> sure, we like a handful of stocks, we're talking about facebook, we're talking about under armour and white wave in staples. liz: facebook, let's get to that, clearly, they've become, they always were, the smartest guys in the room, for a minute it was rocky, up another 1/2% today at $74.11. >> sure, track key metric and the key metric is monetizing mobile. they've done for mobile advertising what google did to desktop search. no one can come as close to them as monthly hours used on each user, daily hours per user, they're taking away
market share advertising dollars from television, from print ad and doing it profitably than anybody else. liz: under armour an obvious pick, i look at that and say nobody thought that nike could -- and i'm not saying it will be toppled from the top, is under armor giving them a run for money. >> they're taking the share and adidas has suffered through footwear. under armour has done a great job of balancing fashion with sports athleticwear. that's a good combination to have, if you can make it interesting and useful. liz: let's throw out this ticker symbol, wwav, white wave. >> they are the leader in the nondairy based milk business, soy milk, almond milk. liz: oh! did i have an almond milk latte over the weekend, it was fabulous. there is a report out how bad dairy can be for you. i'm not saying it is one way or
the other. some of the healthiest people are in the sticks of china and they've never had dairy. this seems to be a company that will benefit from that. >> organic milk has taken the business for a while. liz: are we stretched? >> the more we worry about it, the better it does. please keep worrying out loud, i appreciate it. liz: good to see you, michael. we need to make sure we put everything up on facebook.com/liz claman for you. we like to hold people's feet to the fire or applaud them when they've done well. the excitement over apple's iphone 6 not even here yet. it is growing ahead of the smartphone's unexpected unveiling september 9th. one of the nation's largest
wireless carriers is moving to clear out old inventory and not just iphones but also ipads. do you you need an ipad? as apple gets ready to update tablet line as well. at&t is offering a $200 discount on apple ipads to anybody, here's the catch. you've got to buy a full priced iphone 5s or 5c but the deal is only available for customers who sign up for the two-year contract. there's always a catch. apple betting that sapphire, if you watch my coverage from the consumer electronics show. you know that sapphire is this much harder and expensive material than glass that's used in the phone covers. it will be used for displays on future devices for apple. apple has invested $700 million in sapphire it will be used in the larger version of the iphone 6 with the bigger screen, as well as the company's expected smart watch
or time, itime. the first sapphire displays are expected to roll off the production line in arizona this month. now let's look at corning because corning, glw is the maker of gorilla glass, those would be displays that sapphire might displace. glw is in gorilla glass and does very well, and the company, are we going to look at the company that makes sapphire? gt technologies, gtat, it is moving, gt advanced technologies, we'll check that later. closing bell ringing in about 30 minutes. want to know how to ride the u.s. energy wave? look no further than the mid cap marvel. this is where we find mid caps that quietly crushed it out there. a drilling and pressure pump company whose stock is up 30%
this year, but up 67% year-over-year. talking to the ceo in a fox business exclusive who is behind this rapidly growing success story. the company is patterson-uti energy. walmart is warning on full year profit highlights massive challenges facing the big box retailer as it battles amazon and trying to get consumers to open their wallets. the question becomes should walmart be in your portfolio? is it a buy? a sell? a hold? two analysts with differing opinions are duking it out next. stay tuned. [ male announcer ] ours was the first modern airliner,
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the sapphire glass that we just told you about, let's take a look at the stock, it is publicly traded. here's the intraday picture, it spiked when news came out that apple will be using gt advanced technology so-called sapphire, the substance that is super hard for new devices. apple working with the company on the displays for the iphone, shares down nearly three-quarters of a percent. that's important to look at, equally as crucial and more so as oil prices tumbling to the lowest levels since january, and as we mentioned,rbob gasoline, we had elliott warren saying we needed to be looking at that as well and all of our traders, that is down, rbob is down? up, sure. stocks are feeling the pressure as the energy complex areas are plummeting nicole. and tell us which names are
getting hit the hardest? . >> show you, you oil right now. here's oil, $95.51. down two bucks. why is that? less demand on oil. have you plenty of inventory. look at halliburton, schlumberger, halliburton down 3.5%. schlumberger down nearly 2%. time.inging you over to baker as we talk about inventory and oil available, that's why we're seeing energy pulling back. and watching the geopolitics of everything, and at the same time, we've been -- here's a look at baker hughes, right now down 3%. we've taken a little breather, talking about isis, talking about russia and ukraine, pakistan, israel and gaza. and this week these things are still very much on our minds but this week is driven by economic data, also earnings and less so by some of the headlines. so energy is the one sector,
liz, today, that has a down arrow. liz: a name like neighbors up 70% over the past year. one bad day. right? i want you to watch the next segment it has very much to do with the energy world. continuing our special report. "mid cap marvels." we're bringing you the top performers we found in the s&p 400 of mid cap stocks. may not be a group of stocks you, you necessarily look at but you should. as you see on the one year chart. we're focusing on patterson-uti energy, a texas based oil company whose stock surged more than 65% year-over-year. joining me now is patterson-uti president and ceo andy hendricks, you quietly crushed it. that's amazing. >> liz, thanks for having us on this afternoon. good to be here. liz: of course. we look at what you do, and you have rigs, onshore rigs all
over the place but in drilling services. is the demand that great lately over the past year? >> you know, it really has been, and even though oil is having a tough day today. we expect oil to trade within a range where demand for our technology and services will continue. liz: let's talk about your services, what you do? your role in the oil process. >> so patterson-uti energy is one of the leading contractors in north america. we offer land rigs for the industry, the industry being where our customers are the oil and gas producers. we have a substantial pressure pumping business as well and see ourselves as a technology and service provider in the oil and gas industry. liz: why aren't we seeing higher oil prices right now? i'm surprised considering that certain areas that have become very tenuous around the globe specifically in the middle east tend not to gyrate to the upside. but you're in the trenches,
what's your perspective on that? >> certainly a good thing for the consumer right now. there are tensions around the world, but the production has come up in the united states. you know companies like ourselves are providing technology to improve the efficiency for operators and see production continue to rise. because of the improved efficiencies, there is strong demand for our types of technology out there. liz: i guess an interesting question i'd love to have answered is can you do well if the consumer is doing well. can you do well if the price continues to drop? >> we believe we can, we believe that oil will continue to trade within a range where we'll still have demand for our technology. oil companies are still profitable at this level in west texas, there is still room there. liz: what level would you become less profitable? >> well, for ourselves, the technology provider, we're going to continue to put out new apex rigs for the rest of this year and we have plans to
increase the pace of our rigs into 2015. the customers we work for have long-term plans. we put our rigs out on three-year contracts. we work for companies that have plans to drill for five and ten years in front of us. liz: talk about expansion plans. we have viewers who are very savvy, very smart. they want to know, where is the growth opportunity here? do you envision, andy, moving overseas and having openings there. if so, which nations? . >> we've called out we're looking at international opportunities for competitive reasons. we haven't said where yet but that is on the radar screen. ten years ago we were drilling mostly vertical wells, now horizontal wells. it's requiring new technology. we expect the markets will make the transition overtime and expect to be a solid player in the markets as well. liz: good, can i ask you what you might expect might change as far as the federal ban on
crude exports is concerned? we've become a exporting potential nation for the moment. i grew up in the 70s where we had to wait in line in california, odd-even days, can we capitalize? should we want to do that, though? >> that's a very good question, and there's going to be a lot of policymakers debating both sides of that equation. we've seen a little relief where it is allowed to be exported. that is positive for the industry. there is the balance. and i think it's good for consumers, but at the same time, we can continue to grow our business. liz: the business industry. this particular sector has done well, some of the competitors, like neighbors up 7%. hamrlik up 3%. when you decide where you will expand, will you come back on the program? >> sure, love to. liz: andy hendricks,
patterson-uti energy ceo. coming up tomorrow, another mid cap marvel in the energy space, superior energy services. this stock up about 30% this year alone. ceo dave dunlop is our exclusive guest on "countdown to the closing bell" 3:00 p.m. eastern. closing bell about 18 minutes away, the world's largest retailer is betting on smaller. superstores were hot. they're not doing so well as the smaller parts of the business. our roundtable is a bull and semi bearish debate. why walmart's best results could achieve by stepping up strategy to shrink the sides of stores. both sides make the case whether the stock belongs in your portfolio? we are always on call for you. i want you to do this, it's free, go to foxbusiness.com/on-call, sign
up for claman on-call, we won't spam you but deliver the biggest headlines of the day, particularly the late-breaking ones directly to your smartphone. 3rd and 3. 58 seconds on the clock, what am i thinking about? foreign markets. asian debt that recognizes the shift in the global economy. you know, the kind that capitalizes on diversity across the credit spectrum and gets exposure to frontier and emerging markets. if you convert 4-quarter p/e of the s&p 500, its yield is doing a lot better... if you've had to become your own investment expert, maybe it's time for bny mellon, a different kind of wealth manager ...and black swans are unpredictable.
them. why is civic oat laggard when they beat on the top and bottom line? we've got chairman and ceo john chambers in the next hour right here live on fox business. we'll be talking with him about that, and i'll give them credit for this. about three quarters ago, john chambers said emerging markets are going to hurt us hard. everybody said that is cisco specific. it's not. it's hitting other companies, too. we have a warning from walmart that came out this morning. certainly caught a lot of people's attention. suffering the same retail woes plaguing much of the industry. the world's largest retailer meeting estimates for share, beat on revenue, but the headline resonating on wall street, a cut in walmart's forecast for the entire year, big warning from ceo doug mcmillan saying walmart's e-commerce efforts and health care costs hurting the company's bottom line. why is investment in something that's going to grow a negative thing? we'll find out more about that
from two people watching this closely. the bright spots include sales at walmart's neighborhood stores. time to buy? sell? hold? do you have it? probably in portfolio somewhere. it's a dow component, certainly a widely held stock. bring in our debate deutsche banc analyst paul trussel at the new york stock exchange and john lawrence in memphis. welcome to you both. john, you i believe, are looking at a buy in an $87 price target. paul, you have a hold, and, of course, price target is a little lower there. let's get right to it. first off, john, you've got a buy, did that waiver when you heard the news they're warn father rest of the year? >> not really. we certainly expected when you've seen the retail environment we're in, i'm not surprised they elected to maybe pull back on the joins for the year, and certainly this
investment in labor basically they're admitting they went a little too far with the productivity measures over the last couple of years. that's positive, they think they need to get the service levels up in the store, and the health care costs, everybody is experiencing that, and, you know, maybe just the fact that a lot more people at walmart are signing up for the health care and causing the increase. liz: yes or no, you are maintaining the buy rating on this stock? >> we certainly are, we think the catalyst could be as quickly as the fourth quarter, if they can make improvements, you've got opportunities to show gains in the fourth quarter, but at least the time by the end of the year, we think positive sales will help the stock. liz: paul, you've been ify, not just recently. i said to the team, let's find out when he had his hold rating. sometimes people put in the rating since the numbers come out. you've had it since valentine's day 2013.
what made you think that walmart is not going to charge ahead? >> we have a hold rating, $75 price target. walmart is trading right in that ballpark. it's a stock that you would want to invest in when earnings are consistently growing, when they're returning a substantial amount of free cash flows to shareholders to dividends and buybacks, and frankly not seeing that today. at the same valuation, you can own growth stocks in your portfolio such as foot locker, such as dollar tree who recently undergone attractive acquisition. walmart, unfortunately, has had woes for some time. its core customer is pressured, feeling challenges from health care, from lower snap cuts, so we think that pressure will remain the balance of the year. liz: john, back to you, and the fact that the neighborhood stores seem to be doing better than the superstores, is that
worrisome to you? what can anybody considering either keeping the stock in the portfolio or buying it, what should they think about that? >> well, i think that certainly the smaller formats, we'll see more of the smaller formats, in october, they'll talk about that, with the success of those. but the other point is just the fact that we totally agree of what's happened. but the question is, can they fix the supercenter environment and create positive comps there? there's so much leverage there. and our point is the risk reward is very solid here in case they're able to fix that because then can you get some upside returns if they get back to positive territory. liz: one of the things that jumped out at me, they're ramping up investment in e-commerce, obviously, both to paul and john, this is something where you say, they're worried about amazon, amazon is now way bigger in the
collective retail sense than walmart because it's easy to get the deliveries and they're undercutting everybody which used to be walmart's game. right paul? but then at some point if they're ramping up investment, won't that pay off sooner rather than later? >> look, we give walmart credit for make the necessary investments in e-commerce. to your point, amazon is getting one fourth of every dollar spent online for retail purposes. so walmart certainly is playing a little catch-up. this is hurting the bottom line currently, so yes, long-term payoff but near-term head wind and this is one of the reasons why we remain on the sidelines. liz: john, the new ceo is coming in, how do you think he'll do? what are your thoughts about him? >> we have to wait and see exactly. he's been on the job a week. you look at his track record in
china. strong calls over there, maybe closing units, et cetera. he knows about small formats. i think that will be sort of a part of his arsenal of what he goes forward with. wouldn't be surprised to see other change of slowing down some concepts, growing the smaller formats, and we'll see more about that in october. liz: paul, your thought on the new ceo? have you met him? talked to him? >> i have not, i look forward to meeting him in person at the october analyst meeti encourage put the focus fully on e-commerce growth and faster rollout of stores. the consumer has voted they no longer shop in big box supercenters, that is the way of the past. liz: changing at the speed of thought, all the consumer behavior changes. we thank both of you very much. deutsche banc equity analyst
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change in after-market trading. ♪ all the tech stocks with a market cap... of at least 50 billion... are up on the day. 12 low-volume stocks... breaking into 52-week highs. six upcoming earnings plays... that recently gapped up. [ male announcer ] now the world is your trading floor. get real-time market scanning wherever you are with the mobile trader app. from td ameritrade. liz: holding on to pretty decent gains here for the markets. david asman joins me now. david: gains for the stock market. not necessarily if you're an oil trader though. oil stocks are way down because the price of oil is way down. let's go to nicole petallides to find out what is going on with the oil stocks. >> we're seeing oil down as you noted, down over two bucks. we got the iea demand for
forecast for oil. that was down. geopolitical concerns waned ever so slightly of the stocks were down across the board. liz: down across the board. let's get to cisco which really dragged, the dow would be much better if it had not among other names, cisco a laggard on the dow 30. we're speaking live with chairman and ceo john chambers coming up. this is company that beat both on top and bottom line. >> they announced another round of job cuts. john chambers will explain you who he is trying to streamline the company. third round of job cuts in about as many years. stock down 2.6%. david: jcpenney is coming out with their, usually we say earnings but in this case we know it's a loss. their financials, look what the stock is doing. >> yeah up 4% going into the close. interesting to see that considering we're seeing macy's under pressure, walmart under pressure.
jays and jpmorgan jace and nordstrom is underperforming. [closing bell ringing] david: we had awful news from overseas again. they would react to the bad news overseas with bad news in the markets today. again, shows the optimism. bullishness of all the traders in this market, even on bad news abroad, they boast good gains today. not spectacular gains but healthy gains on the dow, nasdaq, s&p. only the russell 2000 had relatively small earnings. even green arrows there. a lot of earnings. "after the bell" starts right now. liz: breaking news. s&p and nasdaq end at session highs. there is decent market